The existing-home sales in the US rose in May despite tight supply

The second-hand home sales in the United States rose 1.1% in May. The second-hand home sales in the US showed an upturn in the recovery in the sector, contrary to expectations for a huge decline. According to the data of the National Association of Realtors (NAR), the second-hand home sales rose by 1.1% in May to and reached a level of 5.62 billion dollars. The expectation for the sales of existing-houses was down 0.4%.

The average sales price rose by 5.8 percent year on year to a level of $ 252,800. In the period in question, sales increased by 3 out of 4 regions of the US.

The steady increase in wages, the fact that the unemployment rate is under 16 years, and the US confidence in the economy are the supporting factors for the housing sector.

The chief economist of NAR, Lawrence Yun has made the assessment that “housing in the market is rapidly catching the buyers”.

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